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When it comes to energy providers you've probably heard of the "big 6" but what about the recruitment industries "big 4"?...
Recruitment advertising has evolved dramatically over the last couple of years. Job boards success and popularity has attracted the attention of some of the largest advertising platforms in the world and now they want in on the action.
The Big 4
As you may know Facebook & Google have both entered the market this year with their Jobs on Facebook and Google for Jobs platforms.
Indeed, the world's #1 job site are stamping their authority on the market through means of acquisition. This year alone they've splashed out $1.2 billion on a cash deal for Glassdoor in addition to a cool $25m for Canadian job site Workopolis. These acquisitions are the first that Indeeds holding company Recruit Holding have made since acquiring "Staff Service Holdings" in December 2007. There sudden movement in the market provides a glimpse into their ambition, but are they playing chess or checkers?
Linkedin have kept their cards close to their chest since their $26.3bn acquisition by Microsoft in 2016. However, we're likely to see Linkedin integrate with popular Microsoft packages in the near future. Whatever their plan may be we're confident they'll have an ace up their sleeve, it's just a matter of time before they play it.
Aside from being global advertising platforms these 4 businesses all have something unique in common. They've all adopted a pay-per-click model opposed to duration based advertisement models used by the job boards.
This performance based approach has already proved to be a winning formula for Linkedin, Google & Facebook with millions of people worldwide using their platforms in a marketing capacity to advertise their business.
What Impact will their rise have on job boards?
For most jobseekers, job boards will remain their main hunting ground for the foreseeable future, the likes of Google and Facebook won't be able to overhaul the market overnight. However, in the long run we're likely to see more job boards merge together as we've already seen in recent months with the merge of Total Jobs & Jobsite.
One advantage that job boards have over their PPC foes is that they hold huge databases of candidate CV's. You may notice that job boards market their CV database search more aggressively in the coming months. There's also the possibility that some job boards will take their new adversaries head on by creating a PPC model of their own. Plan C could see some job board hone in on a target market and becomes more specialist.
Conclusion
Unfortunately it's too early to tell what impact Google & Facebook will have on the market. Over time we could see Facebook swallow up a large portion of the blue-collar market attracting candidates who don't use job boards and/or more passive. Google will likely play at the other end of the spectrum allowing businesses to zone in on highly skilled workers through Adword style functionality and allow businesses to re-market to individuals across the web.
Whatever's next for Google & Facebook one thing is for sure, they have the money, brand, traffic and potential to render other advertising methods redundant.
Linkedin and Sponsored Indeed have proven to be successful tools for recruiting but as the savvy recruiter knows, they're best suited to higher skilled / hard to fill roles where there's an applicant shortage.
At present job boards work perfectly for filling most roles and should remain the staple of your hiring strategy. And by using job boards such as Monster & CareerBuilder you will automatically feature on Google Jobs due to their already established partnership.
Performance based recruitment marketing is something to keep a close eye on and will continue to increase in popularity. If job boards aren't delivering the required results PPC offers a great alternative which can provide a much clearer insight into advertising performance. The ability to make data driven decisions will help reduce cost per hire however growing popularity of such platforms could drive the cost per click / applications in years to come.
Are you ready for Google for Jobs?Google for jobs is the newest entrant to the market and constitute of 'the big 4'. Want to see what all the fuss is about? |
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